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General Partnership Package Montana Form

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what is the uh potential personal liability of General Partners in uh any partnership well uh as a name implies the general partner shares in uh potential liability with the other General Partners in the business so if any com any of the commercial activity carried on by the business uh or in furtherance of business uh interest uh gives rise to contract action contract damages or Tor action and tort damages um or any other form of action or damages that could arise then the partnership itself is liable but each partner each General partner is equally liable with the general partnership now say um the general partnership is is um capitalized with $20,000 uh of operating Revenue that's um the value of um the equity in the business um including equipment everything well if the company's sued for $50,000 and there's not sufficient um Assets in the business to pay that judgment well the general Partners could be personally liable for that judgment against the busines

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